The Bank of Commerce, a unit of conglomerate San Miguel Corp. (SMC), is emerging as the most likely firm to acquire the Philippine Bank of Communications (PBCom), a banking source familiar with the deal said late on Friday.

The same source said the Bank of Commerce is at present “conducting due diligence” relating to the acquisition of PBCom.

Officials of both PBCom and the Bank of Commerce were not immediately available for comment. It also remains uncertain if the Bank of Commerce has offered to acquire PBCom on its own, or in partnership with other groups.

Last week ISM Communications Corp., a listed firm controlled by the group of former Trade minister Roberto V. Ongpin, said it was interested in acquiring a controlling stake in PBCom.

Ongpin is a shareholder of Top Frontier Investment Holdings Inc., which owns a controlling stake in SMC, and is, in turn, 49-percent owned by the diversified food-and-drinks giant.

SMC, through subsidiary San Miguel Properties Inc., and with other entities, controls close to 60 percent of the Bank of Commerce. The bank reported a net income of P1.81 billion in 2010, up 2.43 percent from the previous year, data from its web site showed. Its total assets stood at P105.89 billion in 2010. Total deposits and net loans stood at P87.19 billion and 35.87 billion, respectively, data showed.

In a statement earlier this year, the Bank of Commerce said it has 117 branches; PBCom has 64 branches, based on its report to the Philippine Stock Exchange.

The Macquarie group is reportedly advising PBCom in the deal. The floor price was reportedly set at P4.3 billion, or a minimum of P25 per share.

PBCom said its first-quarter net income rose 97.2 percent to P71 million, while deposits amounted to P26.1 billion from P27.6 billion at the end of 2010.

PBCom shares sank 5.63 percent to P67 each on Friday.